Illinois Bankers Association Adds BSG Financial's Re$ubmitIt as a New Preferred Vendor

Member Banks Enhance Relationships, Generate Income by Offering Electronic Check Recovery Service to Commercial Customers

SPRINGFIELD, Ill.., Aug. 30 /PRNewswire-USNewswire/ -- BSG Financial, LLC, a provider of profit-enhancing programs and marketing services to the financial industry, announced  that the Illinois Bankers Association (IBA) has selected Re$ubmitIt®, the company's electronic check and item recovery solution, as a new Preferred Vendor.

According to Tom Appelt,  Vice President-Preferred Products and Services for the IBA, "BSG Financial was chosen as a Preferred Vendor (PV) because of Re$ubmitIt's® ability to provide income enhancements to member banks as well as diversify the association's product offerings and revenue stream."

Re$ubmitIt® enables a bank's business customers to double collection rates of returned deposit items, including checks and other electronic items, by electronically re-presenting non-sufficient funds (NSF) items to a check writer's account for payment. The program can double collections on NSF checks, while allowing the business to spend less time on collections.

In addition to better serving their business customers, IBA member banks also profit from Re$ubmitIt® through a revenue share of the service fee collected from the check writer by Re$ubmitIt®.  At no charge to the merchant, Re$ubmitIt® recovers 100 percent of the face value of all items collected by utilizing electronic check re-presentment technology via the Automated Clearinghouse Network (ACH).  In addition to processing paper NSF checks, Re$ubmitIt® also processes ACH originations and check conversions, including back office conversions (BOC), accounts receivable conversions (ARC) and Web-authorized payments (WEB). As such, the revenue provided through processing checks is only a portion of the potential program earnings; an institution can expect an even greater income stream as the use of electronic payments continues to rise.

"BSG Financial is honored that the IBA recommends Re$ubmitIt®," said Barrett Nichols, founder and CEO of BSG Financial. "Whether a bank's focus is profit enhancement, relationship building, or both, this program delivers with an almost immediate ROI. This will help make electronic check recovery a service option for more banks and their business customers," said Nichols.

About Illinois Bankers Association

The Illinois Bankers Association is a full-service trade association dedicated to creating a positive business climate that benefits the entire banking industry and the communities they serve. Founded in 1891, the IBA brings together state and national banks, savings banks, and savings and loan associations of all sizes in Illinois. Collectively, the IBA represents nearly 90 percent of the assets of the Illinois banking industry, which employs more than 100,000 men and women in over 5,000 offices across the state. For more information about the association, visit www.ilbanker.com.

About BSG Financial, LLC

Louisville, Ky.-based BSG Financial develops and manages innovative, profit-enhancing programs for the financial industry. In addition to Re$ubmitIt®, the company offers CourtesyConnect®, the industry's first Web-based overdraft management system, ExpenseMark™, a sourcing and procurement service to reduce expenses and improve an institution's efficiency ratio; and a Sale/Leaseback program to help banks and credit unions generate capital from non-earning depreciated assets.

BSG Financial, recognized by Bank Technology News as an industry innovator, is privately owned and serves financial institutions nationwide whose assets range from $100 million to more than $35 billion.  For more information about the company, visit http://www.bsgfinancial.com.

SOURCE Illinois Bankers Association